B. A VAT registered business provided us its data in 2021: Gross Sales Price on the following items: a. Sales of Merchandise b. Merchandise given to creditors in payment of debts c. Property Dividend to stockholders d. Goods taken by the owner of personal use Purchases and payments for the period: a. Purchases of merchandise b. Payment of PLDT c. Purchase of furniture (VAT included) d. Security Guard Services (non-VAT business) Required: Compute the VAT Payable. P 440,000 28,160 33,000 17,600 P 165,000 1,980 2,000 5,000
B. A VAT registered business provided us its data in 2021: Gross Sales Price on the following items: a. Sales of Merchandise b. Merchandise given to creditors in payment of debts c. Property Dividend to stockholders d. Goods taken by the owner of personal use Purchases and payments for the period: a. Purchases of merchandise b. Payment of PLDT c. Purchase of furniture (VAT included) d. Security Guard Services (non-VAT business) Required: Compute the VAT Payable. P 440,000 28,160 33,000 17,600 P 165,000 1,980 2,000 5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[B] Instructions: Compute for the required item (refer to the photo below) using a yellow ruled sheet. (Show solution)

Transcribed Image Text:B. A VAT registered business provided us its data in 2021:
Gross Sales Price on the following items:
P 440,000
28,160
33,000
17,600
a. Sales of Merchandise
b. Merchandise given to creditors in payment of debts
c. Property Dividend to stockholders
d. Goods taken by the owner of personal use
Purchases and payments for the period:
P 165,000
1,980
2,000
5,000
a. Purchases of merchandise
b. Payment of PLDT
c. Purchase of furniture (VAT included)
d. Security Guard Services (non-VAT business)
Required: Compute the VAT Payable.
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